Investments and Fair Value Measurement (Tables) - BXINFRA Aggregator (CYM) L.P. [Member]

12 Months Ended

Dec. 31, 2025

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Summary of Financial Information of Unconsolidated Significant Investments

The following table summarizes the valuation of the Aggregator’s investments by the fair value hierarchy levels. The Aggregator had not commenced investing activities as of December 31, 2024.


		December 31, 2025
		Level I				Level II				Level III				NAV				Total
Assets
Cash and Cash Equivalents		$	64,744			$	—			$	—			$	—			$	64,744

Investments
Equity Investments			—				31,285				2,041,413				—				2,072,698

Debt Investments
Infrastructure			—				491,358				207,173				—				698,531
Liquids			—				468,363				—				—				468,363

Total Debt Investments			—				959,721				207,173				—				1,166,894

Total Investments			—				991,006				2,248,586				—				3,239,592

Investments in Affiliated
Investee Funds			18,866				55,268				776,568				69,777				920,479
Derivative Assets			—				143				—				—				143

		$	83,610			$	1,046,417			$	3,025,154			$	69,777			$	4,224,958

Liabilities
Derivative Liabilities		$	—			$	265			$	—			$	—			$	265

Summary of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in Level III of the fair value hierarchy as of December 31, 2025:

Fair Value

Valuation
Techniques

Unobservable

Inputs

Ranges

Weighted-
Average

Impact to
Valuation
from an
Increase
in Input

Financial Assets

Investments

Equity Investments

$

2,041,413

Discounted
Cash Flows

WACC

8.7% - 11.9%

10.4

%

Lower

Exit Capitalization
Rate

6.1

%

6.1

%

Lower

Exit Multiple

11.5

x -

20.4

x

17.7

x

Higher

Transaction
Price

n/a

Debt Investments - Infrastructure

207,173

Third-Party
Pricing

n/a

Other

n/a

Transaction
Price

n/a

Total Investments

2,248,586

Investments in Affiliated Investee Funds

776,568

Discounted
Cash Flows

WACC

5.4% - 21.4%

10.0

%

Lower

Exit Capitalization
Rate

4.6% - 7.2%

6.2

%

Lower

Exit Multiple

11.5x - 24.7x

14.8

x

Higher

Other

Discount to
Escrow

30.1%

30.1%

Higher

Transaction
Price

n/a

$

3,025,154


n/a		Not applicable.

WACC		Weighted-Average Cost of Capital.

Exit Multiple		Ranges include the last twelve months EBITDA multiples and the next twelve months forward EBITDA multiples.

Third-Party Pricing		Third-Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.

Summary of Fair Value Assets Measured on Recurring Basis Unobservable Input Reconciliation

The following tables present changes in the fair value of investments for which Level III inputs were used to determine the fair value:


		Level III Financial Assets at Fair Value
		Year Ended December 31, 2025
						Debt
		Equity				Investments -				Investments
		Investments				Infrastructure				in Affiliates				Total
Balance, Beginning of Period		$	—			$	—			$	—			$	—
Purchases			1,827,077				140,914				701,488				2,669,479
Sales and Proceeds from Investments			(11,176	)			(3,510	)			(13,981	)			(28,667	)
Transfer Out of Level III (a)			—				—				—				—
Change in Gain Included in Net Assets			225,512				69,769				89,061				384,342

Balance, End of Period		$	2,041,413			$	207,173			$	776,568			$	3,025,154

Changes in Unrealized Gain (Loss) Included in Earnings Related to Financial Assets Still Held at the Reporting Date		$	225,512			$	69,769			$	89,061			$	384,342

(a)	The transfers out of Level III financial assets were primarily due to a change of observability of inputs used in the valuations of such assets.

Summary of Tabular Form Of Fair Value Of Investments In Affiliates And Unfunded Commitment

The following table summarizes investments that estimate the fair value of an investment using NAV as a practical expedient as of December 31, 2025.


NAV as a Practical Expedient Investments		Unfunded Commitment				Fair Value
Affiliated Investee Funds (a)		$	355,000			$	69,777

(a)	The Affiliated Investee Funds included primarily invest in infrastructure assets.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details